The European Bank for Reconstruction and Development (EBRD) agreed a $5m credit line to Kyrgyz Investment and Credit Bank aimed (KICB) to increase the availability of financing for small and medium enterprises (MSMEs) in the Kyrgyz Republic.

The long-term loan to KICB will help the bank diversify its funding base and develop further its portfolio of MSME credits.

It will enable KICB to finance investments and working capital of Kyrgyz businesses with medium and long-term loans, thus addressing the lack of credits available to micro, small and medium-sized companies in the country.

KICB, established in 2000 by a group of institutional investors led by Aga Khan Fund for Economic Development (AKFED), EBRD, International Financial Corporation (IFC), Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG) and the Kyrgyz Government, is currently one of the top five banks in the country.

To date KICB has benefited from over $10m in various financing facilities from the EBRD